Mindoro Resources Ltd.
TSX VENTURE : MIO
FRANKFURT : OLM

Mindoro Resources Ltd.

June 04, 2007 19:03 ET

Mindoro Raises $2.8 Million

EDMONTON, ALBERTA--(Marketwire - June 4, 2007) - Ms. Penny Gould, CFO of Mindoro Resources Ltd. (TSX VENTURE:MIO)(FRANKFURT:WKN 906167), reports that pursuant to a private placement announced on May 8, 2007, the company has issued 4,075,122 units at a price of $0.70 per unit for gross proceeds of $2,852,585. Each unit consists of one common share and one-half common share purchase warrant. Each full warrant allows the holder to purchase one additional common share at a price of $1.00 for a period of one year from the close of the offering and $1.25 in the second year. The company paid finders fees of $146,129 and 208,756 Agent's Warrants in connection with the investment. Each Agent's Warrant is exercisable into one common share at a price of $0.70 for two years.

Shares issued, including any shares issued pursuant to the exercise of Purchase Warrants or Agent's Warrants, are subject to a four month hold period. Proceeds from the placement will be used for additional drilling, geophysics and exploration expenses on Mindoro's projects in the Philippines.

ABOUT MINDORO

Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and the Frankfurt Stock Exchange (WKN 906167). The Company is carrying out three major drill programs: resource delineation drilling on the Kay Tanda epithermal gold-silver prospect, reconnaissance drilling on the Calo porphyry copper-gold prospect, and advancing a significant nickel laterite prospect towards production; in addition to holding another 22 identified porphyry copper-gold prospects in the Philippines.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mindoro Resources Ltd. (Head Office)
    Penny Gould
    Executive Vice President
    (780) 413-8187
    Email: penny@mindoro.com
    Website: www.mindoro.com
    or
    Ascenta Capital Partners Inc.
    Investor Relations-Canada
    Trent Dahl
    (604) 628-5800 or Toll Free: 1-866-684-4209 ext. 228
    Email: info@mindoro.com
    or
    Argentuminvest GmbH
    Investor Relations-Europe
    Richard Mayr
    +49.9421.785250
    +49.9421.785255 (FAX)
    Email: info@argentuminvest.com